AgriFoodTech startups raise $1 billion in five years in Africa

21 Sep 2022

According to a Dutch Entrepreneurial Development Bank (FMO) September 2022 press release, AgriFoodTech start-ups have raised $1 billion in five years in Africa. This, however, represents less than 1 percent of global investment.

African funding shortfall

“In the past five years, early-stage investors have pumped over $1 billion into African startups innovating for the food and agriculture industry, reaching a record-breaking $482 million in 2021 alone. That was a 250 per cent jump year-over-year but still represents less than 1 percent of global AgriFoodTech investment. Given the African continent is home to 17 percent of the global population and the food and agriculture industries represent a significant piece of most African economies, there clearly remains a shortfall of funding on the continent,” said the Dutch Entrepreneurial Development Bank.

Supply chain tech and Egypt attracting investment

These findings are based on a new joint report by the Dutch Entrepreneurial Development Bank (FMO), British International Investment and AgFunder. The report further indicates that supply chain technologies and Egypt have attracted the most investment in terms of monetary value.

“We are very excited to be launching this new report to showcase the breadth of innovation and investment in the African AgriFoodTech ecosystem. We hope that its learnings will educate and inspire more developments aimed at tackling key challenges for the continent’s food and agriculture industries,” said Louisa Burwood-Taylor, Head of Media & Research at AgFunder.

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